Singapore's PMI grows

Singapore's PMI grows

SINGAPORE: A key index released on Wednesday showed Singapore's
key manufacturing sector grew at a faster pace in December as
orders and production increased.

The forward-looking Purchasing Managers' Index (PMI) was at
51.8 points in December, up 1.5 points from November, the
Singapore Institute of Purchasing and Materials Management said.

A reading above 50 points shows an expanding economy.
Singapore's manufacturing sector is a key growth driver,
accounting for a quarter of gross domestic product.

"The increase of the overall PMI was attributed to an increase
in new orders and new export orders, higher production output as
well as higher employment levels," the institute said in a
statement.

"The overall stocks of finished goods, imports and input
prices also posted higher readings."

In the all-important electronics sector, the index was
unchanged from November at 51.3 points.

Analysts said the expansion of the manufacturing sector in
December would support preliminary estimates by the trade
ministry that Singapore's economy grew 8.1 percent in 2004, its
fastest pace in four years.-- AFP